Remove membrane on the bone side of the ribs. Place ribs and water in Instant Pot and cook on manual, high pressure for 12 minutes. Release pressure immediately and let them cool a bit.
Meanwhile, prepare glaze by placing the guava paste and the water in a small saucepan; heat over low heat. Using a fork, mash the guava paste until melted and smooth—about 5 minutes. Add the soy sauce. Remove from the heat and add the lemon or lime juice.
Heat broiler to high. Brush ribs on both sides with a generous amount of the glaze.
Broil until the glaze is bubbling and starts to caramelize; about 5 minutes each side. Remove from the broiler and cut into individual ribs.